Why MicroStrategy Stock, Grayscale Bitcoin Trust, and Other Cryptocurrency Investments Surged Today
Bitcoin's price hit a new all-time high above $34,000 on Sunday before pulling back to roughly $31,200 as of 6:15 p.m. EST on Monday. That helped drive shares of MicroStrategy (NASDAQ: MSTR) and Grayscale Bitcoin Trust (OTC: GBTC) up 9.4% and 9.6%, respectively, from the prices they closed at on Friday.
In August, MicroStrategy announced that it would use bitcoin as its primary treasury reserve asset. "This investment reflects our belief that bitcoin, as the world's most widely adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash," CEO Michael Saylor said at the time.
MicroStrategy has purchased more than $1 billion of bitcoin since then. Its 70,470 bitcoins are now worth approximately $2.2 billion.
Source Fool.com
